5 Tips to Create a Secure Digital Banking Experience

08 Apr 2021 Phintraco

5 Tips to Create a Secure Digital Banking Experience

Banks and financial institutions strategically aim for their customers to do more with digital platform to do financial transactions. They continue to develop the services available on their digital platforms to meet current customers’ trends and needs.

Building customer trust is not easy, since the image of digital services is not 100% safe for some customers. It becomes one challenge that need to be solved.

Before providing digital banking services to customers, banks and other financial institutions should think about the quality of digital experiences that will be provided to customers.

Therefore, to streamline the ongoing digital services development, banks need to make a safe digital banking experience as one of the key benefits offered to customer.

For banks and other financial institutions, let us implement these 5 tips to create a secure digital banking experience for customers!

1. Develop secure authentication

In line with the objective of providing digital banking services, mobile banking application should give customers convenience and the ability to utilize more services using only their mobile device. However, it must be followed by the adequate security.

First, to create a secure digital banking experience, companies need to choose and develop a safe and secure authentication.

2. Implement an omni-channel approach

To stay competitive, a business need to seek ways to provide the same great user experience across channels. The common challenge for customers is that different channels often require different ways to prove user identity and to authorize operations, so that they do not experience fast processes.

Therefore, banks or other financial institutions should implement an omni-channel approach in their digital services to optimize security without impacting usability and look for the right technology to make customers stay away from repeated authentication processes as they move from one interaction to another.

3. Make all transactions safe from cyber threats

Most attackers use social engineering methods to steal confidential information such as usernames, passwords, credit card numbers or other sensitive data. Even most banks has claimed a strong security system, however, cyber threat is still successful.

To overcome this problem, banks need to ensure that all mobile banking application used by customers have a security system that is able to automatically reject suspicious transactions without customer’s confirmation because most people have a natural human tendency to trust. 

4. Implement regulatory compliance

Implementing strong data protection controls to support compliance with regulations such as PSD2 and GDPR is a must for banks and other financial institutions to create a secure digital banking experience for customers.

5. Implement Mobile App Shielding

To support digital banking services acceleration, banks can implement Mobile App Shielding as a security solution to protect mobile banking application used by customers.

The most common techniques used by cyber criminals to attack banking application – such as keylogging, screen reading, code injection, and other techniques – can be prevented by using only one security solution named Mobile Mobile App Shielding.

Mobile App Shielding offers a list of features that allow banks to extend and strengthen the security of their mobile banking applications. For getting further information about Mobile App Shielding, you can read this article: https://phintraco-tech.com/2021/03/24/overcoming-digital-banking-security-challenges/

Digital transformation is unquestionably a strategic necessity for banks and financial institutions, since customer preference has shifted to digital services because it is considered as a more fast and simple way to do transactions.

Applying these five steps ensures that banks provide a secure digital banking experience for their customers, so that improving customer trust and loyalty will be not as hard as we think.

For further information about solutions that can help banks to create a secure digital banking experience for customers, do not hesitate to contact us at marketing@phintraco.com